Former President Donald Trump’s namesake company was found guilty of scheming to defraud tax authorities. | Reuters
– Bonuses were paid as if executives were independent contractors, not salaried employees.
– Trump himself signed bonus checks from his Mar-a-Lago club in Florida, the Trump International Golf Club in Florida, and other Trump entities that could benefit from the deductions. Trump was not charged in the case and has called it politically motivated.– The company paid for beds, TVs, carpeting and furniture for the Florida home of Chief Financial Officer Allen Weisselberg, and for utilities, cable and parking garage fees in Manhattan.
– Tax statements were issued that did not disclose executives’ Manhattan living quarters so they did not pay city taxes.– The personal expenses were not added to employees’ taxable income. But some expenses were subtracted from salaries and bonuses, leaving the executives with less taxable income and the company with less payroll taxes.– CFO Weisselberg estimated that $100,000 worth of personal expenses he received was worth double that to him – $200,000 – in salary.
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